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Investments (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Available-for-Sale Securities Reconciliation

The amortized cost, gross unrealized gains and losses, allowance for credit losses and fair value of fixed maturity available-for-sale (“AFS”) securities (in millions) were as follows:


	As of September 30, 2025

	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	75,526	$	862	$	7,988	$	49	$	68,351
U.S. government bonds	642		8		31		–		619
State and municipal bonds	2,605		21		391		–		2,235
Foreign government bonds	281		14		51		–		244
RMBS	2,246		39		161		6		2,118
CMBS	2,244		13		107		–		2,150
ABS	14,846		135		234		41		14,706
Hybrid and redeemable preferred securities	242		24		8		1		257
Total fixed maturity AFS securities	$	98,632	$	1,116	$	8,971	$	97	$	90,680


	As of December 31, 2024
	Amortized Cost		Gross Unrealized				Allowance for Credit Losses		Fair Value
			Gains		Losses
Fixed maturity AFS securities:
Corporate bonds	$	75,556	$	563	$	9,655	$	14	$	66,450
U.S. government bonds	429		3		41		–		391
State and municipal bonds	2,798		18		445		–		2,371
Foreign government bonds	282		11		56		–		237
RMBS	2,066		24		220		7		1,863
CMBS	1,817		4		156		–		1,665
ABS	14,226		99		421		24		13,880
Hybrid and redeemable preferred securities	241		25		11		1		254
Total fixed maturity AFS securities	$	97,415	$	747	$	11,005	$	46	$	87,111

Investments Classified by Contractual Maturity Date

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities (in millions) as of September 30, 2025, were as follows:


	Amortized Cost		Fair Value
Due in one year or less	$	4,300	$	4,265
Due after one year through five years	19,455		19,178
Due after five years through ten years	12,484		12,061
Due after ten years	43,057		36,202
Subtotal	79,296		71,706
Structured securities (RMBS, CMBS, ABS)	19,336		18,974
Total fixed maturity AFS securities	$	98,632	$	90,680

Schedule of Available-for-Sale Securities Unrealized Loss Position

The fair value and gross unrealized losses of fixed maturity AFS securities (dollars in millions) for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:


	As of September 30, 2025

	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	16,303	$	3,308	$	32,356	$	4,680	$	48,659	$	7,988
U.S. government bonds	69		6		200		25		269		31
State and municipal bonds	689		176		970		215		1,659		391
Foreign government bonds	4		1		141		50		145		51
RMBS	405		40		851		121		1,256		161
CMBS	317		16		1,024		91		1,341		107
ABS	1,831		35		3,623		199		5,454		234
Hybrid and redeemable
preferred securities	16		2		63		6		79		8
Total fixed maturity AFS securities	$	19,634	$	3,584	$	39,228	$	5,387	$	58,862	$	8,971

Total number of fixed maturity AFS securities in an unrealized loss position											5,999


	As of December 31, 2024
	Less Than or Equal to Twelve Months				Greater Than Twelve Months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses (1)
Fixed maturity AFS securities:
Corporate bonds	$	24,657	$	4,054	$	29,786	$	5,601	$	54,443	$	9,655
U.S. government bonds	86		3		224		38		310		41
State and municipal bonds	1,087		228		760		217		1,847		445
Foreign government bonds	32		5		118		51		150		56
RMBS	795		76		760		144		1,555		220
CMBS	579		50		777		106		1,356		156
ABS	2,907		118		3,827		303		6,734		421
Hybrid and redeemable
preferred securities	23		3		93		8		116		11
Total fixed maturity AFS securities	$	30,166	$	4,537	$	36,345	$	6,468	$	66,511	$	11,005

Total number of fixed maturity AFS securities in an unrealized loss position											6,985

(1) As of September 30, 2025, and December 31, 2024, we recognized $20 million and $23 million of gross unrealized losses, respectively, in other comprehensive income (loss) (“OCI”) for fixed maturity AFS securities for which an allowance for credit losses has been recorded.

The fair value, gross unrealized losses (in millions) and number of fixed maturity AFS securities where the fair value had declined and remained below amortized cost by greater than 20% were as follows:


	As of September 30, 2025

	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	1,168	$	518	185
Six months or greater, but less than nine months	465		161		133
Nine months or greater, but less than twelve months	750		220		192
Twelve months or greater	5,284		2,216		907
Total	$	7,667	$	3,115	1,417


	As of December 31, 2024
	Fair Value		Gross Unrealized Losses		Number of Securities (1)
Less than six months	$	5,405	$	1,621	799
Six months or greater, but less than nine months	371		198		216
Nine months or greater, but less than twelve months	71		28		37
Twelve months or greater	4,440		2,218		741
Total	$	10,287	$	4,065	1,793

(1) We may reflect a security in more than one aging category based on various purchase dates.

Debt Securities, Available-for-Sale

Changes in the allowance for credit losses on fixed maturity AFS securities (in millions), aggregated by investment category, were as follows:


	As of or For the Three Months Ended September 30, 2025
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-period	$	36	$	5	$	43	$	1	$	85
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	14		–		–		–		14
Additions (reductions) for securities for which
credit losses were previously recognized	5		1		(1)		–		5
Reductions for disposed securities	–		–		(1)		–		(1)
Reductions for securities charged off	(6)		–		–		–		(6)
Balance as of end-of-period (2)	$	49	$	6	$	41	$	1	$	97


	As of or For the Nine Months Ended September 30, 2025
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-year	$	14	$	7	$	24	$	1	$	46
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	31		–		12		–		43
Additions (reductions) for securities for which
credit losses were previously recognized	17		(1)		7		–		23
Reductions for disposed securities	–		–		(1)		–		(1)
Reductions for securities charged-off	(13)		–		(1)		–		(14)
Balance as of end-of-period (2)	$	49	$	6	$	41	$	1	$	97


	As of or For the Three Months Ended September 30, 2024
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-period	$	13	$	6	$	19	$	1	$	39
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	6		–		1		–		7
Additions (reductions) for securities for which
credit losses were previously recognized	4		1		3		–		8
Reductions for disposed securities	(1)		–		–		–		(1)
Reductions for securities charged off	(5)		–		–		–		(5)
Balance as of end-of-period (2)	$	17	$	7	$	23	$	1	$	48


	As of or For the Nine Months Ended September 30, 2024
	Corporate Bonds		RMBS		ABS		Hybrids		Total
Balance as of beginning-of-year	$	8	$	6	$	4	$	1	$	19
Additions from purchases of PCD debt securities (1)	–		–		–		–		–
Additions for securities for which credit losses were
not previously recognized	8		–		15		–		23
Additions (reductions) for securities for which
credit losses were previously recognized	12		1		4		–		17
Reductions for disposed securities	–		–		–		–		–
Reductions for securities charged-off	(11)		–		–		–		(11)
Balance as of end-of-period (2)	$	17	$	7	$	23	$	1	$	48

(1) Represents purchased credit-deteriorated (“PCD”) fixed maturity AFS securities.

(2) As of September 30, 2025 and 2024, accrued investment income on fixed maturity AFS securities totaled $920 million and $927 million, respectively, and was excluded from the estimate of credit losses.

Composition of Current and Past Due Mortgage Loans on Real Estate

The following provides the current and past due composition of our mortgage loans on real estate (in millions):


	As of September 30, 2025						As of December 31, 2024
	Commercial		Residential		Total		Commercial		Residential		Total
Current	$	17,670	$	4,387	$	22,057	$	17,567	$	3,387	$	20,954
30 to 59 days past due	–		69		69		6		71		77
60 to 89 days past due	–		44		44		–		33		33
90 or more days past due	36		125		161		35		90		125
Allowance for credit losses	(97)		(68)		(165)		(99)		(53)		(152)
Unamortized premium (discount)	(5)		103		98		(6)		83		77
Mark-to-market gains (losses) (1)	(34)		–		(34)		(31)		–		(31)
Total carrying value	$	17,570	$	4,660	$	22,230	$	17,472	$	3,611	$	21,083

(1) Represents the mark-to-market on certain mortgage loans on real estate that support our modified coinsurance agreements, where the investment results are passed directly to the reinsurers, and for which we have elected the fair value option. As of September 30, 2025, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $20 million, respectively. As of December 31, 2024, the amortized cost and fair value of such mortgage loans on real estate that were in nonaccrual status was $30 million and $21 million, respectively. As of September 30, 2025 and December 31, 2024, there were no such mortgage loans on real estate that were more than 90 days past due and still accruing interest. For additional information, see “Fair Value Option” in Note 13.

Amortized Cost of Mortgage Loans on Real Estate on Nonaccrual Status

The amortized cost of mortgage loans on real estate on nonaccrual status (in millions) was as follows, excluding certain mortgage loans on real estate that support our modified coinsurance agreements where the investment results are passed directly to the reinsurers:


	As of September 30, 2025		As of December 31, 2024

Commercial mortgage loans on real estate	$	6	$	4
Residential mortgage loans on real estate	128		92
Total	$	134	$	96

Financing Receivable Credit Quality Indicators

The amortized cost of commercial mortgage loans on real estate (dollars in millions) by year of origination and credit quality indicator was as follows:


	As of September 30, 2025
	LTV Less Than 65%		Debt-Service Coverage Ratio	LTV 65% to 75%		Debt-Service Coverage Ratio	LTV Greater Than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2025	$	916	1.59	$	133	1.32	$	10	1.20	$	1,059
2024	1,544		1.68	71		1.43	1		2.01	1,616
2023	1,340		1.87	38		1.37	1		1.17	1,379
2022	1,712		2.21	79		1.59	5		1.81	1,796
2021	2,232		3.67	39		1.70	9		2.20	2,280
2020 and prior	9,495		2.55	48		1.54	28		1.95	9,571
Total	$	17,239		$	408		$	54		$	17,701


	As of December 31, 2024
	LTV Less Than 65%		Debt-Service Coverage Ratio	LTV 65% to 75%		Debt-Service Coverage Ratio	LTV Greater Than 75%		Debt-Service Coverage Ratio	Total
Origination Year
2024	$	1,548	1.73	$	83	1.41	$	–	–	$	1,631
2023	1,348		1.78	44		1.36	–		–	1,392
2022	1,724		2.11	94		1.55	4		1.30	1,822
2021	2,267		3.50	47		1.52	–		–	2,314
2020	1,167		3.33	4		1.53	–		–	1,171
2019 and prior	9,138		2.38	126		1.58	8		1.30	9,272
Total	$	17,192		$	398		$	12		$	17,602

The amortized cost of residential mortgage loans on real estate (in millions) by year of origination and credit quality indicator was as follows:


	As of September 30, 2025
	Performing		Nonperforming		Total
Origination Year
2025	$	1,156	$	–	$	1,156
2024	1,951		51		2,002
2023	455		20		475
2022	443		32		475
2021	392		14		406
2020 and prior	203		11		214
Total	$	4,600	$	128	$	4,728


	As of December 31, 2024
	Performing		Nonperforming		Total
Origination Year
2024	$	1,895	$	14	$	1,909
2023	557		16		573
2022	492		33		525
2021	427		11		438
2020	65		4		69
2019 and prior	136		14		150
Total	$	3,572	$	92	$	3,664

Changes in Allowance for Credit Losses on Mortgage Loans on Real Estate

Changes in the allowance for credit losses on mortgage loans on real estate (in millions) were as follows:


	As of or For the Three Months Ended September 30, 2025
	Commercial		Residential		Total
Balance as of beginning-of-period	$	97	$	65	$	162
Additions (reductions) from provision for credit loss
expense (1)	3		3		6
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Reductions for mortgage loans on real estate charged off	(3)		–		(3)
Balance as of end-of-period (2)	$	97	$	68	$	165


	As of or For the Nine Months Ended September 30, 2025
	Commercial		Residential		Total
Balance as of beginning-of-year	$	99	$	53	$	152
Additions (reductions) from provision for credit loss
expense (1)	1		15		16
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Reductions for mortgage loans on real estate charged off	(3)		–		(3)
Balance as of end-of-period (2)	$	97	$	68	$	165


	As of or For the Three Months Ended September 30, 2024
	Commercial		Residential		Total
Balance as of beginning-of-period	$	93	$	40	$	133
Additions (reductions) from provision for credit loss
expense (1)	40		7		47
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Reductions for mortgage loans on real estate charged off	(10)		–		(10)
Balance as of end-of-period (2)	$	123	$	47	$	170


	As of or For the Nine Months Ended September 30, 2024
	Commercial		Residential		Total
Balance as of beginning-of-year	$	86	$	28	$	114
Additions (reductions) from provision for credit loss
expense (1)	47		19		66
Additions from purchases of PCD mortgage loans on
real estate	–		–		–
Reductions for mortgage loans on real estate charged off	(10)		–		(10)
Balance as of end-of-period (2)	$	123	$	47	$	170

(1) We recognized $(1) million and less than $1 million of credit loss benefit (expense) related to unfunded commitments for mortgage loans on real estate for the three months ended September 30, 2025 and 2024, respectively, and less than $1 million and $1 million for the nine months ended September 30, 2025 and 2024, respectively.

(2) Accrued investment income on mortgage loans on real estate totaled $110 million and $89 million as of September 30, 2025 and 2024, respectively, and was excluded from the estimate of credit losses.

Credit Loss Expense Incurred

Details underlying credit loss benefit (expense) incurred as a result of impairments that were recognized in net income (loss) and included in realized gain (loss) on fixed maturity AFS securities (in millions) were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024










Credit Loss Benefit (Expense)
Fixed maturity AFS securities:
Corporate bonds	$	(19)	$	(9)	$	(48)	$	(20)
RMBS	(1)		(1)		1		(1)
ABS	2		(4)		(18)		(19)
Total credit loss benefit (expense)	$	(18)	$	(14)	$	(65)	$	(40)

Payables for Collateral on Investments

The carrying value of the payables for collateral on investments included on the Consolidated Balance Sheets and the fair value of the related investments or collateral (in millions) consisted of the following:


	As of September 30, 2025				As of December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Collateral payable for derivative investments (1)	$	8,756	$	8,756	$	7,213	$	7,213
Securities pledged under securities lending agreements (2)	172		165		157		151
Securities pledged under repurchase agreements (3)	210		224		–		–
Investments pledged for FHLB (4)	2,015		2,758		2,650		3,657
Total payables for collateral on investments	$	11,153	$	11,903	$	10,020	$	11,021

(1) We obtain collateral based upon contractual provisions with our counterparties. These agreements take into consideration the counterparties’ credit rating as compared to ours, the fair value of the derivative investments and specified thresholds that if exceeded result in the receipt of cash that is typically invested in cash and invested cash or fixed maturity AFS securities. This also includes interest payable on collateral. See Note 5 for additional information.

(2) Our pledged securities under securities lending agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. We generally obtain collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. We value collateral daily and obtain additional collateral when deemed appropriate. The cash received in our securities lending program is typically invested in cash and invested cash or fixed maturity AFS securities.

(3) Our pledged securities under repurchase agreements are included in fixed maturity AFS securities on the Consolidated Balance Sheets. The collateral requirements are generally 80% to 95% of the fair value of the securities, and our agreements with third parties contain contractual provisions to allow for additional collateral to be obtained when necessary. This also includes payable from cash collateral received as a result of market value fluctuations on our pledged securities. The cash received in our repurchase program is typically invested in cash and invested cash or fixed maturity AFS securities.

(4) Our pledged investments for Federal Home Loan Bank (“FHLB”) are included in fixed maturity AFS securities and mortgage loans on real estate on the Consolidated Balance Sheets. The collateral requirements are generally 105% to 115% of the fair value for fixed maturity AFS securities and 155% to 175% of the fair value for mortgage loans on real estate. The cash received in these transactions is primarily invested in cash and invested cash or fixed maturity AFS securities.

Schedule of Increase (Decrease) in Payables for Collateral on Investments

Increase (decrease) in payables for collateral on investments (in millions) consisted of the following:


	For the Nine Months Ended September 30,
	2025		2024
Collateral payable for derivative investments	$	1,543	$	1,935
Securities pledged under securities
lending agreements	15		(20)
Securities pledged under repurchase agreements	210		–
Investments pledged for FHLB	(635)		550
Total increase (decrease) in payables for
collateral on investments	$	1,133	$	2,465

Schedule of Securities Pledged by Contractual Maturity

The remaining contractual maturities of repurchase agreements and securities lending transactions accounted for as secured borrowings (in millions) were as follows:


	As of September 30, 2025
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Repurchase Agreements
Corporate bonds	$	–	$	–	$	207	$	–	$	207
Securities Lending
Corporate bonds	$	161	$	–	$	–	$	–	$	161

Foreign government bonds	8		–		–		–		8
Equity securities	3		–		–		–		3
Total gross secured borrowings	$	172	$	–	$	207	$	–	$	379


	As of December 31, 2024
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Securities Lending
Corporate bonds	$	144	$	–	$	–	$	–	$	144
U.S. government bonds	1		–		–		–		1
Equity securities	12		–		–		–		12
Total gross secured borrowings	$	157	$	–	$	–	$	–	$	157

Schedule of Assets Pledged as Collateral

Assets pledged as collateral at carrying value as reported on the Consolidated Balance Sheets were as follows:


	As of September 30, 2025		As of December 31, 2024
Fixed maturity AFS securities	$	2,299	$	1,737
Trading securities	24		24
Equity securities	3		12
Mortgage loans on real estate	2,486		3,530
Other investments	71		68
Cash and invested cash	54		111
Total assets pledged as collateral	$	4,937	$	5,482